Welcome to Omar Zambrano's Chapter 7 Bankruptcy Services
Regain Your Financial Freedom with Omar Zambrano’s Chapter 7 Bankruptcy Expertise
Are you overwhelmed with debt? Are your financial options running low? Do your monthly bills sit in a pile, unpaid? Do creditors and collection agencies call you every hour of every day asking for money you don�™t have? If the answer is yes to any of these questions, you are probably in need of a qualified California bankruptcy attorney. A California bankruptcy attorney can tell you if Chapter 7 bankruptcy is the right way to go for your particular financial situation.
What is Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a form of liquidation which is the most common form of consumer bankruptcy. Often times, it is the best bankruptcy option for consumers with a relatively small amount of debt, as well as those who don�™t have much valuable property. At Law Offices of Omar Zambrano, our California bankruptcy attorney team is equipped to answer any and all questions you may have about Chapter 7 bankruptcy. In the end, what a bankruptcy should be targeted towards is a fresh start for the debtor.
The focus of Chapter 7 bankruptcy is to discharge the debtor�™s debt, eliminating the personal liability on as much debt as possible. It is important to remember that while Chapter 7 liquidation usually results in a complete discharge of debts, it is not an absolute rule and some types of debts are not discharged. To get excellent answers to your Chapter 7 bankruptcy questions, contact The Law Offices of Omar Zambrano today.
How Chapter 7 Bankruptcy Works ?
A Chapter 7 bankruptcy case starts with the debtor filing a petition in the bankruptcy court that serves the region where the debtor lives, or where a business debtor is organized, or has its principal place of business or main assets. Along with the petition, the debtor is required to submit several important documents to the court, including:
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Schedules of Assets and Liabilities: A detailed list of what the debtor owns and owes.
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Schedule of Current Income and Expenditures: An overview of the debtor’s income and spending.
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Statement of Financial Affairs: A summary of the debtor’s financial history and activities.
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Schedule of Executory Contracts and Unexpired Leases: Information about ongoing contracts and leases.
In addition to these filings, the debtor must provide the case trustee with a copy of the most recent tax return or tax transcripts, as well as any tax returns filed during the bankruptcy case. This requirement includes submitting any past-due tax returns that had not been filed before the case started.
For individual debtors primarily dealing with consumer debts, there are additional requirements:
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Credit Counseling Certificate: Proof of having completed a credit counseling course.
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Debt Repayment Plan: If applicable, a copy of any plan developed during credit counseling.
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Employer Payment Evidence: Proof of income received from employers within the 60 days before filing.
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Monthly Net Income Statement: A detailed account of the debtor’s monthly net income and any expected changes in income or expenses post-filing.
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Educational Account Records: Information about any interest the debtor has in federal or state-qualified education or tuition accounts.
Married couples have the option to file a joint petition or individual petitions. However, even if they file jointly, both spouses must meet all the document filing requirements that apply to individual debtors.
How Do I File Bankruptcy?
First of all, you should keep in mind that filing for bankruptcy is a legal process. For this reason, and for your own financial wellbeing, each decision that you make about bankruptcy should be well informed choices.
That is to say, is this process something you want to take up on your own, or do you want a professional to help you? It is possible to file for bankruptcy on your own; however, it is a process that would take a lot of patience and diligence.
Why Choose Omar Zambrano for Your Bankruptcy Needs
Navigating bankruptcy can be challenging, but with Omar Zambrano’s expertise, you’re in capable hands. Here’s why we’re the right choice for your Chapter 7 Bankruptcy needs:
Experienced Attorneys: Decades of specialized experience in bankruptcy law.
Proven Success: A track record of successful Chapter 7 cases and satisfied clients.
Personalized Service: Tailored strategies to fit your unique financial situation.
Full Representation: From filing to discharge, we handle every aspect of your case.
Streamlined Process: Designed for quick relief, typically within 3-6 months.
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How are assets valued during a divorce?Assets are typically valued based on their fair market value at the time of the divorce. This process can involve professional appraisals for real estate, businesses, and valuable personal property like art or antiques.
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How is child custody determined in California?Child custody is determined based on the best interests of the child. Factors considered include the child's health, safety, and welfare, the nature of the parent-child relationship, and the ability of each parent to provide a stable and loving environment.
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What happens to our home in a divorce?The family home can be handled in various ways depending on the couple’s situation and agreements. Options include one spouse buying out the other’s interest, selling the home and dividing the proceeds, or continuing co-ownership for a period.
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How is debt divided in a divorce in California?Debts incurred during the marriage are generally considered community property and are typically divided equally between the spouses. This includes credit card debts, loans, and mortgages. However, debts that are clearly linked to one spouse’s separate property may be assigned to that spouse.
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What if my spouse and I can’t agree on how to divide our property?If negotiation and mediation fail, the case may need to go to court where a judge will decide based on California law. Our firm strives to reach amicable settlements out of court whenever possible, but we are fully prepared to represent you in court if necessary.